Third Quarter Highlights Include:
• Net income was a record high $23.2 million; up 25.4% compared to net income of $18.5 million in the third quarter of 2021.
• Basic earnings per share were a record high of $0.98 for the quarter, an increase of 24.1% compared to $0.79 for the third quarter of 2021.
• Oil Business segment revenue of $65.5 million represents a record high for a 12-week quarter, and an increase of 28.9% from the year-ago quarter.
• Environmental Services segment revenue was a record high of $106.7 million, which represents an increase of 47.5% from the year-ago quarter.
• Environmental Services profit before corporate selling, general, and administrative expenses was a record high of $24.8 million with operating margin of 23.2%.
• EBITDA for the quarter was a record high of $41.3 million, up 34.9% compared to EBITDA of $30.6 million in the third quarter of 2021.
• Adjusted EBITDA for the quarter was a record high of $43.5 million, up 37.0% compared to Adjusted EBITDA of $31.7 million in the third quarter of 2021.
• Adjusted net earnings for the quarter were $23.8 million and adjusted diluted earnings per share were $1.01.
Hoffman Estates, IL, October 19, 2022 — Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and industrial and field services, today announced results for the third quarter which ended September 10, 2022.
Third Quarter Review Revenue for the third quarter of 2022 was $172.2 million compared to $123.2 million for the same quarter of 2021, an increase of 39.8%.
Overall operating margin during the quarter increased by $12.3 million or 31.6%, driven by growth in our Environmental Services segment and both growth and improved profitability in our Oil Business segment, compared to the third quarter of 2021.
Our third quarter corporate SG&A expense was $18.6 million, or 10.8% of revenue, compared to $14.4 million, or 11.7% of revenue, for the third quarter of 2021.
Net income for the third quarter was $23.2 million compared to net income of $18.5 million in the year-ago quarter. Basic earnings per share were $0.98 compared $0.79 in the year-ago quarter.
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